HANOI (Reuters): Vietnam's central bank has announced that it had raised the caps on credit growth for commercial banks for this year.
The move is aimed at "ensuring sufficient funding for the economy and supporting growth", the State Bank of Vietnam said in a statement, without giving details on by how much more banks can lend.
The central bank previously set a 15% credit growth target for the entire banking system. It said banks' total lending as of Nov. 22 had risen 11.12% from end-2023.
Meanwhile, in another devel;pment Vietnam's National Assembly has also approved the appointment of the country's former transport minister Nguyen Van Thang as its new finance minister.
Thang replaces former finance minister Ho Duc Phoc, who had earlier been promoted to deputy prime minister, reported online newspaper VnExpress.
Thang's finance ministry is expected to oversee the arrangement of funds for key projects, including a $67-billion high-speed railway along the country's length, its largest ever infrastructure project. - Reuters